World Equity Group Inc. Invests $231,000 in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

World Equity Group Inc. bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,310 shares of the transportation company’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Old Dominion Freight Line by 109.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after purchasing an additional 750,073 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in Old Dominion Freight Line in the 4th quarter worth about $128,221,000. Franklin Resources Inc. boosted its stake in Old Dominion Freight Line by 74.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after purchasing an additional 437,700 shares in the last quarter. State Street Corp boosted its stake in Old Dominion Freight Line by 3.8% in the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock worth $1,516,324,000 after purchasing an additional 279,946 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Old Dominion Freight Line by 6.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,830,973 shares of the transportation company’s stock worth $959,005,000 after purchasing an additional 275,236 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ODFL has been the topic of a number of analyst reports. Evercore ISI upped their price target on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a research note on Thursday, February 6th. Argus cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. The Goldman Sachs Group upped their price target on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Susquehanna reiterated a “neutral” rating and issued a $195.00 price target (down previously from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. Finally, Barclays lowered their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $203.72.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $181.97 on Tuesday. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26. The firm has a market capitalization of $38.85 billion, a P/E ratio of 33.21, a PEG ratio of 2.89 and a beta of 1.05. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $188.62 and a 200-day moving average price of $197.74.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.62%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.